Corporate governance expert calls for advisory 'quarantine'
Company directors looking for retirement roles at investment banks should observe a gap before taking up such jobs, says Sir Derek Higgs
Company directors should observe a quarantine period before taking up a post
as a senior adviser to an investment bank, Sir Derek Higgs has suggested.
Directors often take up such jobs in retirement, and there are fears that
banks offer them as a reward for execs who have handed them large contracts.
Sir Derek, a leading figure in corporate governance due to his involvement in
the revision of the Combined Code,
the FT: ‘I would hate to think there should be a [formal] code, but there
should be an acceptance that too much haste is unseemly. There is no reason why
the civil service principle – that there should be a period of quarantine –
should not apply in the corporate world. That is common sense.’